Last checked at 8 Jun 2023 07:01
PetroTal Announces AIDECOBAP Illegal River Blockade
PetroTal urges a peaceful and immediate end to demonstrations
Field production slowdown coincides with planned infrastructure tie-ins
Calgary, AB and Houston, TX - June 8, 2023-PetroTal Corp. ("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces an illegal and violent river blockade against vessels that provide services to PetroTal.
Illegal River Blockade
As of June 3, 2023, The Indigenous Association for Development and Conservation of Bajo Puinahua ("AIDECOBAP") has engaged in carrying out an illegal blockade in the Puinahua Canal against all ships providing services to the Company, including barges that transport oil, and vessels carrying critical camp supplies.
AIDECOBAP is using aggressive actions which are endangering the lives of vessel crew and local residents. The blockade ignores the recently signed agreements which adopt a transparent, fair, and participatory approach to allocating social fund resources where over US$8 million has already been accumulated from PetroTal into a restricted bank account. During social related downtime, over US$50,000 per day is forfeited from future trust allocations. PetroTal has called for an immediate and peaceful end to the blockade so that safe river transportation operations can resume, as previously formalized by the working table committee participants and announced on May 30, 2023.
This river access disruption coincides with planned production reductions that will allow the Company to tie in previously installed infrastructure and modify production operations that will economically benefit future oil production. June 2023 month to date oil production has averaged approximately 10,000 barrels of oil per day ("bopd') prior to the field installation work, commencing June 8, 2023, where the field will be shut in for approximately five days. The Company's 2023 oil production forecast included this planned downtime and a 5% social downtime contingency in its 2023 guidance to allow for social disruption.
ABOUT PETROTAL
PetroTal is a publicly traded, tri‐quoted (TSX: TAL, AIM: PTAL and OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2022, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.
For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
T: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker) Jonathan Wright T: +44 (0) 7711 627449
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